What Was the Original Meaning of the Term Universitas

question 14

Multiple Choice

What was the original meaning of the term universitas?

• A)academy
• B)meeting-place
• C)knowledge
• D)corporation

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Definitions:

Price-Inelastic

Describing a situation where the demand for a good is insensitively responsive to changes in its price, usually due to the lack of close substitutes.

Complementary Goods

Goods or services that are used together, where the consumption or use of one increases the value or demand of the other.

Cross-Price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good.

Demand

The amount of a good or service that consumers are willing and able to buy at a given price over a specified period.